Netflix Analysts Boost Their Forecasts After Upbeat Q2 Earnings

Netflix, Inc. NFLX reported upbeat earnings for the second quarter, while sales missed expectations.

Netflix said second-quarter revenue increased 3% year-over-year to $8.19 billion, which missed the consensus estimate of $8.29 billion. The company reported quarterly earnings of $3.29 per share, which beat analyst estimates of $2.85 per share. Paid net adds came in at 5.9 million, well above analyst estimates.

Netflix shares fell 6.1% to $448.56 in today’s pre-market trading.

These analysts made changes to their price targets on Netflix following earnings announcement.

• Deutsche Bank boosted the price target on Netflix from $475 to $485. Deutsche Bank analyst Bryan Kraft maintained a Buy rating.
• Piper Sandler increased the price target on Netflix from $350 to $440. Piper Sandler analyst Thomas Champion maintained a Neutral rating.
• Wolfe Research increased Netflix price target from $485 to $500. Wolfe Research analyst Peter Supino maintained the stock with an Outperform rating.
• Pivotal Research raised the price target from $535 to $600. Pivotal Research analyst Jeffrey Wlodarczak maintained Netflix with a Buy rating.
• B of A Securities increased the price target from $490 to $525. B of A Securities analyst Jessica Ehrlich maintained Netflix with a Buy.
• Rosenblatt raised the price target on the stock from $358 to $400. Rosenblatt analyst Barton Crockett maintained Netflix with a Neutral.

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